Thursday, May 31, 2012

Insider Claims: Gupta Defense Suggests Galleon People Just “Pulling Our Todger”




Former McKinsey & Co. chief Rajat Gupta's lawyers hammered away at the credibility of prosecution witnesses yesterday at their client's trial on insider-trading charges, according to finaltneratives.

In a combative cross-examination of former Galleon Group trader Michael Cardillo—which featured as much sparring with prosecutors as it did with the witness—lead Gupta lawyer Gary Naftalis sought to show that Galleon was full of liars and exaggerators, people who puffed up their contacts and their alleged inside information. Cardillo has pleaded guilty to insider-trading and is cooperating with prosecutors, and Galleon founder Raj Rajaratnam, a longtime friend and business partner of Gupta's, was convicted and sentenced to 11 years in prison.

Gupta is charged with passing confidential tips about two companies he served as a director, Goldman Sachs and Procter & Gamble, to Rajaratnam….

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